Washington Post 2007 Annual Report Download - page 74

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
December 30,
2007 December 31,
2006 January 1,
2006
Fiscal Year Ended
Cash Flows from Operating Activities:
Net income . . . .................................... $288,607 $ 324,459 $ 314,344
Adjustments to reconcile net income to net cash provided by operating
activities:
Cumulative effect of change in accounting principle . . . .......... —5,075 —
Depreciation of property, plant and equipment . . .............. 221,239 205,295 190,543
Amortization of intangible assets . . ....................... 17,571 7,043 7,478
Goodwill impairment charge ........................... —9,864 —
Net pension benefit . ................................ (22,280) (21,833) (37,914)
Early retirement program expense . ....................... —50,942 1,192
Net loss on sale or write-down of property, plant and equipment and
non-operating land ................................ 3,136 3,433 4,517
Gain on sale of marketable equity securities .................. (394) (33,805) (12,661)
Foreign exchange (gain) loss ........................... (8,790) (11,920) 8,099
Write-downs of marketable equity securities and other investments . . . . —15,051 1,465
Gain from sale or exchange of businesses . .................. (214) (41,742) —
Equity in (earnings) losses of affiliates, net of distributions .......... (3,820) 110 1,731
Provision for deferred income taxes ....................... 33,041 (38,234) 29,297
Change in assets and liabilities:
Increase in accounts receivable, net . . . .................. (42,246) (10,494) (19,416)
(Increase) decrease in inventories ....................... (3,356) (4,222) 11,483
Increase (decrease) in accounts payable and accrued liabilities . . . . 97,240 51,357 (27,033)
(Decrease) increase in income taxes payable. . .............. (1,247) 31,343 (8,139)
Decrease in other assets and other liabilities, net.............. 3,028 55,130 53,618
Other . . ........................................ (328) (2,102) 4,168
Net cash provided by operating activities .................. 581,187 594,750 522,772
Cash Flows from Investing Activities:
Purchases of property, plant and equipment. . .................. (290,007) (284,022) (238,349)
Investments in certain businesses, net of cash acquired . . . .......... (273,929) (153,696) (143,478)
Escrow funding for acquisition . ........................... (18,914) ——
Proceeds from sale of property, plant and equipment .............. 16,676 6,794 24,077
Investments in affiliates . ................................ (15,309) (3,349) (4,981)
Purchases of cost method investments. ....................... (694) (8,422) (8,709)
Proceeds from sale of marketable equity securities . . .............. 538 82,910 64,801
Net proceeds from sale of businesses ....................... —76,389 —
Purchases of marketable equity securities . . . .................. —(42,888) —
Insurance proceeds from property, plant and equipment losses . . . ..... —9,281 —
Other . . . ........................................ 528 (4,267) —
Net cash used in investing activities ....................... (581,111) (321,270) (306,639)
Cash Flows from Financing Activities:
Issuance (repayment) of commercial paper, net.................. 84,800 — (50,201)
Dividends paid . .................................... (79,024) (75,903) (71,979)
Common shares repurchased . ........................... (42,031) (56,559) —
Proceeds from exercise of stock options ...................... 8,449 5,905 6,832
Principal payments on debt . . . ........................... (3,578) (27,846) (6,964)
Cash overdraft . .................................... (3,070) 4,375 6,534
Other . . . ........................................ 2,697 1,285 —
Net cash used in financing activities ....................... (31,757) (148,743) (115,778)
Effect of Currency Exchange Rate Change ........................ 4,999 7,550 (3,894)
Net (Decrease) Increase in Cash and Cash Equivalents ................ (26,682) 132,287 96,461
Cash and Cash Equivalents at Beginning of Year .................... 348,148 215,861 119,400
Cash and Cash Equivalents at End of Year ........................ $321,466 $ 348,148 $ 215,861
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes . .................................... $158,100 $ 194,900 $ 161,600
Interest ......................................... $23,800 $ 24,600 $ 27,300
The information on pages 60 through 82 is an integral part of the financial statements.
58 THE WASHINGTON POST COMPANY